SRA regulates consumer credit activities
On 9 September 2015, the Solicitors Regulation Authority (SRA) published a press release announcing that it will regulate consumer credit activities carried on by SRA-authorized individuals and firms under Part 20 of the Financial Services and Markets Act 2000.
The move will ensure that firms do not also have to be regulated by the Financial Conduct Authority (FCA) and are not over-burdened with significant additional rules for consumer credit, and that their clients’ protection remains in place.
SRA guidance on carrying out consumer credit activities is set to be published in the autumn. Firms will need to read the guidance, in addition to new rules, when carrying out consumer credit work.